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eBook details

• Title: An Empirical Analysis of the Business Failure Process for Large and Small Firms (Manuscripts)
• Author : Academy of Entrepreneurship Journal
• Release Date : January 01, 2002
• Genre: Business & Personal Finance,Books,
• Pages : * pages
• Size : 287 KB

Description

ABSTRACT This paper investigates endogenous dependence in the business failure process for large and small businesses. After controlling for systemic growth, we find the momentum in business failures from their cumulative lagged effect over time influences other distressed business to fail and creates a domino-effect. For both large and small businesses, endogenous dependence is most effectual in the months immediately prior to failure and then gradually dissipates to a level of insignificance within a two year lag. We also find new business formations counterbalance to some degree the domino-effect of business failures; however, the lag effect for new business formations is twice as long for large firms compared to small firms. Our results suggest theories of business failure and bankruptcy prediction models would be enhanced by incorporating endogenous dependence in the business failure process as an explanatory variable.

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